Blockchain Technology Market Growing at 61.5% CAGR to 2021

The global blockchain technology market is projected to grow from USD 210.2 million in 2016 to USD 2,312.5 million by 2021, led by infrastructure and protocols provider segment while media and entertainment vertical to have the highest growth rate during the forecast period.

The blockchain technology market is growing rapidly as the organizations are more focused on transparency & immutability, and scalability. However, factors such as lack of awareness about the blockchain technology and uncertain regulatory status are the major restraints in the overall growth of the market.

Infrastructure and protocols provider segment is estimated to have the largest market size in 2016 due to increasing need for services such as mining, public, and special protocols. Furthermore, the application and solution provider segment will grow at the highest CAGR during the forecast period, due to demand for efficient business processing applications.

The blockchain technology solutions have been deployed across various industry verticals, including Banking, Financial Services, and Insurance (BFSI), government & public sector, healthcare & life sciences, retail & ecommerce, automotive, media & entertainment, and others. The media and entertainment vertical is expected to witness the highest CAGR during the forecast period as the industry has been transformed with digital technology to solve various problems such as problem of copyrights by assigning rights, usage tracking, and distribution of all the content creators and owners using blockchain technology.

APAC includes emerging economies, such as India, China, Australia, and Singapore which are showing particular growth in cryptocurrency and blockchain technology start-ups. This is mainly due to the digitization of businesses by small, medium, and large enterprises in the region. Thus, the region is expected to witness the highest growth rate in the blockchain technology market.

In-depth interviews were conducted with CEOs, marketing directors, other innovation & technology directors, and executives from various key organizations operating in the blockchain technology market place. In the process of determining and verifying, the global blockchain technology market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (55%), Tier 2 (20%) and Tier 3 (25%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level (60%), Director Level (25%) and others (15%) from various key organizations operating in the global blockchain technology market. The primary interviews were conducted worldwide covering regions such as North America (10%), Europe (20%), Asia-Pacific (40%) and Rest of the World (ROW) (30%).

On a related note, another research on Internet of Things Technology Market Forecast to 2022 says, applications in automotive and transportation expected to drive the Internet of Things technology market in the near future. The automotive and transportation application is expected to hold the largest share of the Internet of Things technology market by 2022. The overall market size, in terms of value is expected to grow from USD 130.33 billion in 2015 to USD 883.55 billion by 2022, at a CAGR of 32.4% between 2016 and 2022. Companies like Intel Corporation, International Business Machines Corp., Cisco Systems, NXP Semiconductors N.V., General Electric Co., PTC, Inc., SAP SE, Oracle Corporation, ARM Holdings Plc., Qualcomm Incorporated, Texas Instruments Incorporated, Atmel Corporation, STMicroelectronics N.V., Microsoft Corporation and AT&T, Inc. have been profiled in this 242 pages research report available at http://www.marketreportshub.com/internet-of-things-technology-industry-research-marketsandmarkets.html .

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